A news source reported on May 29 that the Capital Development Authority (CDA) has proposed stringent rules for housing societies in Islamabad. The new regulations have not yet been announced, but the CDA Board approved them last month.
The proposed regulations for housing societies are as follows:
- Possession of properties in any scheme will not be transferred to the allottees until the housing scheme is completed and the authority has issued a completion certificate. With this measure, the authority intends to curb the overselling of plots.
- The tract transfer letters should be reviewed by the municipal agency.
- To facilitate the construction requirements of transferees, sponsors, and allottees, permission from the authority must be obtained prior to the transfer of plots by submitting an undertaking to complete development work following the issuance of the NOC.
In the event that sponsors default, the public’s and recipients’ interests will be protected. Individual allottees/transferees of the scheme/project shall be granted sanction to construct their homes/buildings in accordance with the authority’s regulations.
Any sponsor of housing schemes/projects shall not advertise the real estate project or accept deposits or advances in any form against any booking to sell until the layout plan has been approved by the authority and the transferred and mortgaged deeds have been executed in accordance with this regulation in the case of housing schemes and building plans in the case of apartment/commercial projects.
The sponsors must provide the CDA with bank account information and annual audit reports for the scheme.
The sponsors must share the allotment letters with the CDA within three days of their issuance.
No allotment letter (original, provisional, or transfer) will be valid unless it is signed and stamped by the director in charge.
CDA will construct 11th Avenue to alleviate congestion at E-11.
Only those properties included in the approved layout plan of the scheme may be allocated or transferred.
The CDA Board has a fixed commercialization charge of PKR 3,500 per square yard in accordance with stringent housing society regulations.